Morningstar

Morningstar, Inc.

Equity Bottom-Up

Omnicom closed the first half of 2019 with in line second quarter revenue and beating the consensus on the bottom line. We were pleased with organic growth, which was driven primarily by strengths in North America and Europe. Omnicom also continued to expand its operating margin. Management maintained its 2%-3% organic growth guidance for the full year, and we see no reason to change expectations. We are maintaining our $85 per share fair value estimate on this narrow-moat name. After solid…

Omnicom reported impressive organic revenue growth along with year-over-year operating margin expansion, which led to better-than-expected bottom-line results. Strengths in the U.S. and Europe during the quarter were encouraging. Management maintained its 2019 top- and bottom-line guidance. We made slight adjustments to our projections and are maintaining our fair value estimate of $85 per share. The stock of this narrow-moat name is up nearly 5% and is approaching our fair value estimate and…

Omnicom is the second-largest player (based on annual revenue) within the advertising space. Compared with its peers, the firm has attained that position less through acquisitions and more through organic growth. With very well-recognized creative agencies and sub holding companies such as BBDO and DDB, we expect Omnicom to maintain its market position as it generates competitive organic growth, continues to make acquisitions, and increases focus on the faster-growing emerging markets and the…

United States

Omnicom Group Inc. provides advertising, marketing and corporate communications services. The Company's agencies, which operate in major markets around the world, provide a comprehensive range of services including traditional media advertising; customer relationship management ("CRM"); public relations; and specialty communications.

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